Requity Homes – a property technology firm based in Toronto, Ontario with the goal of making homeownership more accessible – recently announced the closing of $26 million in equity and debt financing. Co-led by Highline Beta and experienced tech executive and angel investor Sam Sun, the equity funding round also included continued participation from major investor Boardwalk Investment Ltd (Kolias Family Office), Conconi Growth Partners and several angel investors, with new participants including Archangel Adrenaline Fund. Mike Dobbins made a follow-on investment and was appointed to the Requity Homes’ board of directors.
Millions of Canadians are making consistent monthly rent payments and have the cash flow to afford a home but still cannot qualify for a mortgage. And they might be newcomers lacking Canadian credit history, small business owners and gig economy workers facing challenges in getting their income recognized, or families with fair credit scores. Regardless of the situation, they cannot access homeownership via traditional channels, leaving many Canadians extremely frustrated and out of the housing market.
Requity Homes is creating a modernized rent-to-own program that breaks down the homeownership barriers. Traditionally, Canadians were restricted to either being homeowners or renters. And Requity Homes introduces a third option, allowing Canadians to rent and save for their dream homes with the option to purchase at a guaranteed price.
Launched in 2020, Requity Homes has received thousands of applications from clients in need of alternative homeownership options and has seen 5x growth year-over-year. This substantial financial backing will bolster the company’s ambitions to extend its reach within target markets from Ontario to Alberta, Manitoba, and Saskatchewan, further enabling Requity Homes to provide its alternative financing solution to a growing underserved market.
The secured funding enables Requity Homes to continue its mission of empowering more Canadians to realize the dream of homeownership, ensuring stability, and financial growth for families across the country.
KEY QUOTES:
“We’re excited to continue supporting Requity Homes and its social mission to make homeownership more accessible for an underserved customer segment.”
— Ben Yoskovitz, founding partner at Highline Beta
“Requity Homes is helping to tackle the homeownership gap by putting financial education front and center in its clients’ experience. Every part of the program, from credit coaching to rent reporting, is focused on getting clients ready for homeownership as soon as possible.”
— Sam Sun
“We believe in Amy Ding and Requity Homes. Now more than ever Canada is in need of affordable homes. Since we first invested in Requity Homes, the team has remained singularly focused on creating a homeownership program that is fair and flexible. Requity Homes makes homeownership attainable by leveraging investors who provide upfront capital to support Canadians looking to take their first steps towards owning a home. Our ongoing support for Requity Homes affirms our belief in their commitment to build a homeownership company that consumers can trust.”
— Sam Kolias, CEO of Boardwalk REIT and President of Boardwalk Investment Limited
“With the increasing challenges in the housing market, alternative paths to homeownership are essential. We’re proud to share that 80% of our customers have successfully bought back their homes in 18 months on average. This is a strong testament to our commitment to providing innovative and practical financing solutions for many newcomers, self-employed workers, and business owners in need.”
— Amy Ding, CEO of Requity Homes
